The list of securities and/or cash, published by the fund each day, that an authorized participant delivers to the fund to create ETF shares, or receives from the fund when it redeems them.
Covered in: How ETFs Actually Trade (book) · ETF Market Structure Explained (book)
Related terms
Go deeper: books by Will Lee, CFA
For traders, PMs, and ETF specialists: a practitioner's deep dive into APs, market makers, NAV vs. iNAV, and trading under stress.
Get the ETF Liquidity Cheat Sheet
Subscribe to receive a free two-page ETF Liquidity Cheat Sheet, plus an occasional email when a new explainer is published.
No spam. Unsubscribe anytime.
Disclaimer
This material is provided for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security.
All views expressed are the author’s own and do not represent the views of any employer or affiliated organization.